Hyperion Insurance Group, the global independently owned insurance and reinsurance broking and underwriting organisation, is merging its two broker arms Howden and RKH.
Hyperion said that aligning the two broking operations under a single management will “deliver seamless access to the Group’s talent for clients” by bringing together Howden’s international retail network with RKH’s specialty and reinsurance expertise.
Hyperion’s retail and specialist broking businesses, Howden and RKH, will be arranged under a single management team, from October 1st 2019 and be led by José Manuel González as CEO.
González was already CEO of Howden Broking Group and also led Howden Iberoamerica in Spain, but he will now move to London to lead the newly combined broking group.
The merging of the two broking operations looks set to result in the disappearance of the RKH brand, as Hyperion explained that over the course of a year RKH will transition to become Howden Specialty and Reinsurance brands.
In the UK, as of October 1st, Andy Bragoli will lead a newly formed UK Broking Executive Committee, as well as his current role as CEO of RKH.
This committee will sit above both RKH and Howden UK. Chris Evans will be Bragoli’s deputy, as well as his role as CEO Howden UK.
Barnaby Rugge-Price, CEO of Hyperion X, will chair the committee, supported by Paul Redgate as his deputy. While Elliot Richardson will continue to lead the Reinsurance broking operation.
Paul Redgate will also work alongside Mark Wood to lead the Broking Group’s Global Practices, once Wood’s contractual obligations to Marsh/JLT being completed.
The company believes that by restructuring into these practices it can “drive the delivery of specialty expertise through the Group’s international offices and network.”
Both wood and Evans join Hyperion’s Group Executive Committee.
David Howden, CEO, Hyperion Insurance Group commented on the news, “In 25 years we have built a Group of global scale with employee ownership at its heart. Hyperion has more than doubled in size since RKH became a part of the Group. We have over 5,000 employees, operating out of more than 200 offices in 36 territories, managing circa $7bn GWP on behalf of clients. We have also launched our Howden One network which, when combined with our broking offices, now means over 15,000 people service clients in over 90 territories and manage around $23bn of premium.
“The combined broking group will be the leading independent, international specialty business. This offers a unique proposition to our US broker partners. We are the only broker with an international retail network and the necessary expertise to service our US broker partners’ clients, not competing with them in their own territory.
“As we celebrate 25 years of independence, I believe the future belongs to those companies who put their clients and employees first. This merger provides the best possible international platform for our people to deliver results for our clients. Our business has always been about growing talent, and José Manuel perfectly embodies that entrepreneurial spirit and diverse nature of our talent.”
José Manuel González, CEO, Howden Broking Group also said, “Combining our two businesses will create a global, cohesive and efficient platform. It will present, with clarity and simplicity, a real alternative and independent solution for clients, insurers and talent. It will deliver on our combined bench strength, providing the best team to our clients.
“I am truly honoured and excited to be able to lead a group of such talented people.”
Bragoli, CEO, RKH Specialty added, “We are always looking to advance our client proposition; our clients expect us to stay ahead in competitive environments. This is simply the next step for us. Our commitment to all our clients, first and foremost, is to provide them with both specialist expertise and global servicing capabilities through our own Howden network. Our commitment not to be a US retail broker remains unchanged and, in this, we are truly unique.”
In addition to all the practice related changes, the broking group will also feature the following regional leadership structure:
- Andy Bragoli will lead the UK;
- Goh Chye Huat will continue to lead our Asian operations;
- Louise Cable-Alexander will lead Northern Europe;
- Sonia Caamaño and Pablo Bores will lead Latin America;
- Danny Sever will lead our Mediterranean operations; and
- Atinc Yilmaz will continue to lead our operations in Turkey, Middle East and Africa.